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Our analysis of the situation
TON, the native token of The Open Network (TON), has been on a rollercoaster ride recently, experiencing a 12% price drop from its all-time high of $7.76. This dip was in line with the broader market correction led by Bitcoin (BTC). Even so, the crypto community remains optimistic about TON's potential to resume its uptrend and soar past the double-digit territory.
Delphi Digital, a prominent crypto analysis firm, raised eyebrows by pointing out that TON's daily active addresses have surpassed those of Ethereum (ETH) for the first time. This surge is largely attributed to Telegram's massive user base of 900 million, giving TON a significant distribution advantage.
Renowned crypto and DeFi analyst, known charmingly as "Crypto King," recently touted TON's super-fast and user-friendly blockchain infrastructure. Notably, TON shares the same development team as Telegram, adding to its credibility. "Crypto King" predicted a potential price spike, with speculation that TON could hit as high as $10 in the near future.
Market expert Alex Clay also sees TON maintaining its bullish structure and heading for double-digit gains. According to Clay, TON is on track to reach $10, with potential short-term targets of $10.5 and $11.6. The presence of a Daily Cup & Handle pattern only lends further credence to the positive outlook for TON.
But even with TON's promising market metrics, including a 3.6% increase in fully diluted market cap over 30 days and a notable surge in token holders by 76.3%, the price has experienced a 3% decrease, currently resting at $6.82. This presents a short-term challenge for bullish investors to monitor the support level at $6.80 closely.
In the face of market uncertainty, all eyes are on TON as it braces against the nearest resistance level at $7.53, representing the last barrier before a potential retest of its all-time high. With TON's active user base skyrocketing by an impressive 245.1%, time will tell if it can defy the odds and surge toward the coveted $10 milestone.
[Featured image from DALL-E, chart from TradingView.com]
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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